The seasonally adjusted annual pace of new single-family home sales in the U.S. rose to 504,000 in May, up 18.6 percent from the revised pace of 425,000 as measured in April and 16.9 percent higher versus the same time last year.

That being said, the pace of sales for new single-family homes in the U.S. as measured in May has averaged 655,000 over the past 50 years and peaked at 1,286,000 in 2005.

In terms of inventory, the number of unsold new single-family homes on the market is currently up 16.7 percent, year-over-year.